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BUSINESS
IN BRIEF 21/9
In the first eight
months of the year, foreign direct investment (FDI) in Vietnam dipped 19%
compared to last year’s corresponding period to US$10.23 billion, according
to the Foreign Investment Agency (FIA) under the Ministry of Planning and
Investment.
Out of 51 nations
and territories from around the globe investing in Vietnam during the eight
month period, the Republic of Korea (RoK) took the lead with FDI of US$3.22
billion, comprising 31.5% of the cumulative total for the period.
The RoK was trailed
by
The processing and
manufacturing industries, with 492 new projects and FDI of US$7 billion, was
the leading sector attracting FDI, accounting for 68.4% of the cumulative
total for the eight month period.
The real estate
sector ranked second with 23 projects at US$1.14 billion, followed by the
construction sector with 74 projects at US$552.8 million.
The MPI also
reported that as of the end of August, the
The bulk of
Japanese
firm keen to invest in Dung Quat EZ
Sojitz Corporation
based in
The information was
unveiled at a recent meeting between leaders of the management board of the
Dung Quat Economic Zone and representatives from Sojitz group.
So far, Sojitz
group has invested in a number of infrastructure projects in industrial parks
in
The management
board asked Sojitz group to invest in its advantageous areas such as pulp
paper production, MDP wood production, chemicals, infrastructure, garments
and textiles.
Sojitz is
The group has 898
subsidiary firms and affiliates in
Office
rentals in Vietnam higher than Malaysia, Philippines
Office rental fees
in
A recent research
report by Savills also showed Hong Kong (
The research report
said office rental prices in
Savills plc is a
global real estate services provider listed on the London Stock Exchange. It
has an international network of more than 600 offices and associates
throughout the world offering a wide range of specialist advisory, management
and transactional services.
Experts
talk up VN as investment destination
Viet Nam, with its
90 million population and growing affluence, and more focused efforts to
equitise State-owned enterprises and restructure banks, offers great
opportunities for portfolio investors despite some hurdles, a seminar that
opened in HCM City yesterday heard.
Georges Joseph
Ghorra, an executive from the IFC, a World Bank arm, told the two-day Gateway
to
He spoke about the
country's "golden demographic structure" with an abundant workforce
of 76 per cent of its population and a young and growing middle class with
increasing disposable incomes.
Macroeconomic
stability has been restored with single-digit inflation while the reform
process continues, he pointed out.
The Vietnamese
market is currently trading at attractive earnings multiples compared to
other markets in
The financial
market with the recapitalisation and consolidation of banks under way; the
infrastructure sector including hydropower/renewable energy, waste treatment,
and logistics; manufacturing; agribusiness; and services all offer investment
opportunities, he said.
Doan Hansen of
global management consultancy McKinsey & Company said with the rapid
urbanisation, 10 million people are expected to move to urban areas by 2030,
doubling the number of consuming households.
"
Labour cost is
still low but so is productivity, she said.
"The country
needs transition to manufacturing and exporting more complex and higher value
products."
Ghorra listed
The slow pace of
bank restructuring and SOE privatisation, underdeveloped infrastructure, and
low competitiveness when the country joins free trade agreements are the
other challenges, he said.
More than 430 SOEs
were earmarked for equitisation in 2014-15, but in the first half of this
year only 31 made initial public offerings.
According to stock
brokerage Saigon Securities Inc – which is organising the seminar attended by
around 400 participants — foreign investors' participation in those IPOs was
insignificant, with only two of them, Viglacera and Cienco 4, attracting
their interest.
Vo Tri Thanh,
deputy director of the Central Institute for Economic Management, said it is
more important that the assets of equitised companies are used efficiently
than the number of equitising SOEs.
Valuation of the
SOEs to be equitised is a challenging task, he added.
Alan Phan, managing
director of Alan Phan Associates, said the valuations should be decided by
the market. He supposed that the IPO of Vietnam Airlines would be made in a
foreign stock market with underwriting by an international institution since
it would encourage investors both in and outside
Vu Bang, chairman
of the State Securities Commission, said the systems employed by the
country's two stock exchanges in
"It is
regulated that equitised companies must list within a year after their IPOs,
and when a SOE makes its equitisation plans, it must have a listing plan as
well."
But he wants the
time frame reduced, proposing to the Government that equitised companies
should list or trade on UpCom not later than 60 days after their IPO to
facilitate liquidity to attract investors. The Government is considering his
recommendation.
Bad debts or
non-performing loans also offer opportunities for foreign investors, experts
told the seminar.
Nguyen Khac Hai,
deputy CEO of SSI Asset Management Company, said the Vietnam Asset Management
Company has bought VND50 trillion (US$2.38 billion) worth of debts from banks
since it began operation over a year ago, but has yet to resell any of it.
Obstacles to
reselling include a lack of clarity on how to value the debts and how foreign
investors can buy them.
More firms
receive customs priority status
The General
Department of Customs yesterday announced it has approved the applications of
eight more companies for expedited customs procedures.
Granted Authorised
Economic Operator (AEO) status were Samsung Vina and UMC Viet Nam, seafood
producers Minh Phu Hau Giang and Soc Trang, and food producer Sao Ta, along
with Hoa Sen Group, Hoya Glass Disk Viet Nam and Yazaki Hai Phong Viet Nam.
This has increased
the number of Vietnamese enterprises with AEO status under the programme,
first applied in 2011, to 24 among the country's more than 50,000 exporting
and importing companies. Companies with AEO status account for 23 per cent of
In ceremonies
marking the granting of AEO status yesterday, Hoang Viet Cuong, the
department's deputy general director, said the programme was tailor-fit for
global development trend and recommendations from the World Customs
Organisation.
The policy also
reflects a change in the management style of the State, which considers
enterprises as partners rather than entities placed under State management.
Cuong revealed that
the department would be expanding the programmes scope to allow more
enterprises to qualify. Instead of restricting its focus on direct producers,
the programme will include companies involved in international supply chains
such as ports trading and logistics.
The department will
also propose to the Government a project for
Vu Van Thanh,
general director of Hoa Sen Group, said the programme helped companies to
increase competitiveness through savings on costs and the reduction of risks
and volatility.
Thanh added that to
qualify for the programme, companies must follow strict regulations on
production, management, compliance with laws and contributions to the
country's economic development.
The recognition
will raise the reputation and prestige of companies among customers, partners
and State management agencies.
The department said
it would try to increase the number of companies with AEO status to 30 by
year-end.
Real estate
signals recovery
The Vietnamese
property market has shown signs of recovery after a long period of
stagnation, heard a symposium held yesterday in
Speaking at the
"Viet Nam Real Estate Symposium, 20 years looking back and two years
looking forward" symposium", Nguyen Tran Nam, deputy minister of
Construction, said that property prices had not increased and were now
selling at reasonable prices, especially in the mid-range housing segment.
As for the high-end
market, the prices of property projects in the western area of Ha Noi fell
dramatically, by 60 per cent from 2011-2013. For the first half of the year,
prices remained stable, with some project prices increasing by 1 – 2 per cent
only.
The number of
transactions had gone up as well, he said. Around 5,100 transactions were
completed in Ha Noi in the first seven months of the year, or double the
figure over the same period last year.
In
The property market
has attracted a large amount of foreign direct investment (FDI). There are a
total of 427 FDI property projects in the country, with total registered
capital of $51 billion, ranking second after the processing industry.
Foreign direct
investment in the real estate market accounts for 21 per cent of total
foreign direct investment in
Troy Griffiths,
deputy managing director of Savills Viet
Marc Townsend,
managing director of CBRE Viet Nam, said that
Experts who spoke
at the meeting said that high-end projects of a large scale were still the
primary focus of developers.
However, only 20
per cent of consumers can afford property in this segment, they said. Also,
many property investors have to rely on short-term loans with high interest
rates, while many small businesses that have weak financial capacity continue
to take part in the market.
The country now has
15,316 property businesses. Of that number, 8,603 businesses have chartered
capital of less than VND20 billion ($944,000).
At the meeting,
many foreign investors expressed concerns about lack of transparency and
complicated administrative procedures in the real estate market.
They said these a
more open investment environment should be created.
To resolve these
issues, the Vietnamese Government has issued many policies and incentives to
ensure sustainable development of the market.
These include
measures to control supply-demand balance; review and evaluation of projects;
resolution of non-performing loans; and more loans to customers so they can
buy houses.
The Ministry of
Construction has also advised the Government to amend real estate business
laws and housing laws with content that provides more favourable conditions
to foreign businesses and foreigners to invest in real estate as well as rent
and lease houses and land in
The symposium, held
by the Australia Chamber of Commerce in Viet Nam (Auscham) aimed to discuss
the latest development in Viet Nam's property sector, market insights, advice
on attracting local and foreign investors, an upgrade on Law and Tax changes,
and networking opportunities with key parties and well-known figures in the
real estate industry.
Rice
exporters target stable supplies
The State should
control the flow of rice exports through
The Department of
Plantation under the Ministry of Agriculture and Rural Development said
provinces in the Cuu Long (
The ministry
reported that
However, the
department noted that numerous enterprises were finding it difficult to
purchase commercial rice from farmers for export processing because of scant
supply from the farmers.
The department said
the enterprises could buy more rice from farmers in the future if rice
exports flowing through border gates were placed under State control. To
date, there are no exact figures on the volume of rice exports passing
through border gates.
A rice expert said
the nation has so far harvested seven million tonnes of rice while the total
volume of rice exports reached 4.24 million tonnes in the first eight months
of the year. This means the domestic market received two million tonnes of
rice from farmers, excluding the inventory of enterprises.
Neither the
enterprises nor the state offices have detailed information on the exports,
added the expert.
Huynh The Nang,
general director of the Southern Food Corporation (Vinafood 2), said the
company has proposed to the Government and the Ministry of Industry and Trade
that domestic rice exporters were resorting to the sale of the staple through
border gates during hard times, but control over exports passing through
border gates was needed to ensure supply for export processing enterprises.
According to the
Viet Nam Food Association, Vietnamese rice producers aim to export 650,000
tonnes of rice in September. In the last quarter of 2014, they hope to export
1.4 million tonnes of rice, bringing the country's annual rice export volume
to 6.3 million tonnes.
The VFA said the
average export price of
In August,
Binh Dinh
sets up 3 new industrial complexes
The People's
Committee of the central
The 30-hectare An
Mo industrial complex in An Nhon town, worth VND47.8 billion (US$2,246
million), will process agricultural and forestry products and construction rock.
The 35.7-hectare
Phu An industrial complex in Tay Son District will focus on mechanical goods,
construction material, agricultural and forestry products and garments.
The 75-hectare Binh
Duong industrial complex in Phu My District will produce agricultural
products for export, mechanical wares, carton casks, and synthetic laminated
steel.
The project aims is
the province's latest effort to industrialise and modernize its economy.
Consumers
take advantage of borrowing consultancy
More than 5,500
people in six provinces in the central and Mekong Delta regions have
benefited from a programme by finance company Home Credit that offers
consultancy on the legal aspects of consumer borrowing.
"Think it
through, Sign it wisely" teaches people what to look for while signing a
credit contract with a lender.
It has been
organised through August and September for a second year after being
introduced in Ha Noi and
This year it will
also be taken to Ca Mau, Can Tho, An Giang, Dac Lac,
In another
development, Home Credit has co-operated with the Viet Nam Standards and
Consumers Association (Vinatas) to publish a new guidebook on personal
finance.
Hoa Binh
benefits from foreign-invested projects
Foreign investment
projects in the
Hoa Binh province
currently is home to 22 foreign-invested projects worth US$350.3 million.
Military
Bank wins APQO award
The Vietnam
Military Joint Stock commercial Bank (MB) has received the 2014 World Class
title from the Asia Pacific Quality Organisation (APQO) in recognition of its
quality management.
This is the highest
award given by APQO to a business under the framework of its annual Global
Performance Excellence Award (GPEA).
After receiving the
2013 National Quality Award, MB was the sole bank in
T he Vietnamese
bank met all seven evaluation criteria of the APQO, including leadership,
strategic planning, customer and market focus, measurement, analysis and
knowledge management, human resources development, process management, and
business performance.
The awards ceremony
will take place in
At present, MB is
one of few Vietnamese banks which have applied several international quality
standard systems such as ISO 9001 and Lean-Six Sigma in their business
procedures.
It has also used
the Key Performance Indicators (KPI) on each unit and individual in order to
better manage human resources.
Vietnamese
enterprises urged to expand business in Russia
Vietnamese
enterprises should expand their operations and increase their presence on the
Russian market despite the challenges involved, Deputy Minister of Industry
and Trade Do Thang Hai said in a seminar in
Additionally,
Vietnam and the Customs Union of Russia, Belarus and Kazakhstan are entering
the seventh round of negotiations on a free trade agreement, which is
expected to be signed early 2015, thus facilitating Vietnamese businesses’
ventures in Russia.
Some 80 Vietnamese
businesses operating at home and in Russia attended the seminar, which aimed
to facilitate the exchange of opinions on the opportunities, potential and
advantages of investing in and exporting goods to Russia. The seminar also
came up with a number of effective measures to strengthen investment and
trade between the two respective countries.
At the event, representatives
of the Bank for Investment and Development of Vietnam (BIDV) pledged to
provide a credit package worth 3 trillion VND (141 million USD) for export to
Russia and another package of 50 million USD for a light industrial zone
project in the country.-
The southern
Accordingly, the
Tay Ninh People’s Committee ratified the establishment of a textile and
support industry area of 278ha in Thanh Thanh Cong industrial zone.
Furthermore, 100ha of the Moc Bai Border Gate Economic Zone have been
converted into a TMTC textile and support industry zone.
Chairwoman of Tay
Ninh’s People’s Committee Nguyen Thi Thu Thuy said the textile industry can
have extremely negative impacts on the local environment, particularly the
dyeing process. Therefore, enterprises investing in the locality will have to
obey strict rules on waste water treatment.
Recently, six
investors put close to 1.2 billion USD into the textile and support industry
area in Phuoc Dong Boi Loi Industrial Zone (Go Dau District). A number of
fabric manufacturing facilities and suppliers have begun their operations
here, creating jobs for more than 10,000 people.
Vietnam to
export lychee, longan to US from October
Vietnamese fresh
lychees and longan will be sold in the
Under an amended
regulation of the Animal and Plants Health Inspection Service (APHIS), an
agency of the US Department of Agriculture (USDA), all Vietnamese agricultural
products entering the
Most importantly,
the fruits must be in strict compliance with US regulations on pesticides.
The PPD, which is
under the Ministry of Agriculture and Rural Development (MARD), is working to
provide lychee and longan farmers with the appropriate cultivation,
harvesting and preservation techniques to meet the requirements of
international markets, such as the
The Department has
teamed up with APHIS in
Lychees and longan
are
Vietnamese
Business Association debuts in Australia
An Australian
chapter of the Vietnamese Business Association was recently launched aiming
to serve as an economic bridge between the business communities of the two
countries.
Speaking at the
launching ceremony in
The VBAA is
expected to continue to set up three additional chapters in
Nghi affirmed the move
evidences that the Overseas Vietnamese (OVs) community in
VBAA President Tran
Ba Phuc in turn acknowledged the significant contributions of the large OVs
community living in
He emphasised the
formation of the chapter should greatly assist in meeting the increasing
demand of the Vietnamese community both at home and abroad for the expansion
of business operations in Australia.
Marine logistics
complex under construction in Cam Ranh Bay
Tan Cang – Petro
Cam Ranh Company in the central
It includes three
phases. In the first phase, a 54 hectare logistics service port is
expected to complete in early 2016 to receive the largest vessels including
aircraft carriers and nuclear submarines.
The port will
provide essential items, electricity, water, gas, substitute accessories and
equipment for all kinds of vessels and health care, sport and amusement
services. It will ensure security, receive officials, crewmembers and
visitors also.
The second phase
will construct a shipbuilding site and the third phase is planned to start a
repair shop for oil and gas works.
Food,
beverage industry sees growth
The Ministry of
Industry and Trade said the food and beverage sector has continued to
increase in quantity and quality.
The food and
beverage sector is considered as potential industry in major cities of the
country which have improved living standards.
It is forecast that
Vietnamese people will consume more food in the period 2011-2016. The food
proportion will increase by 5.1 percent. It is estimated that the industry’s
turnover will reach US$30 billion.
Consumption per
capita surges by 4.3 percent a year. It is predicted that for 2011-2016, the
industry’s sale will hike by 7.5 percent and the turnover will increase by
10.5 percent.
Soft drink industry
is forecast to post an increase of 8.2 percent in turnover and of 6.3 percent
in sales.
Along with the
development of the food and beverage industry, the equipment and packaging
have seen the drastic growth.
Site
clearance done for Nhon Hoi oil refinery project
Site clearance has
been done over 14,000 hectares for Nhon Hoi oil refinery project in the
central province of Binh Dinh, said Mr. Le Huu Loc, deputy chairman of the
province People’s Committee.
The committee and
investors-the Petroleum Authority of Thailand (PTT) and the Saudi Arabian Oil
Company have recently submitted a project’s detailed feasible report to the
Ministry of Industry and Trade.
According to the
feasible report, the refinery’s capacity will reach 400,000 barrels a day,
equivalent to 20 million tons per year.
Total investment
capital is estimated at US$22 billion in the first phase. PTT said that the
refinery will be built with advanced technologies, which can refine both
heavy sour and light sweet crude oil from the Middle East, South America,
Southeast Asia and
The project is
expected to contribute US$4-5 billion in
Refined products
will be exported to the
Earlier via a
proposal from the Binh Dinh Province People’s Committee, the Ministry of
Finance has supplemented the project to the
The ministry said
that they will propose the Prime Minister to provide the Nhon Hoi project
with incentives as other refinery projects like Nghi Son, Dung Quat and Vung
Ro.
Besides, the Nhon
Hoi oil refinery project will also be enjoyed other preferential policies
such as tax exemption and reduction for being located in the area with
disadvantageous socioeconomic conditions, added the Ministry.
Japan,
South Korea, Thailand speeds up investment in Vietnam
With recent merge
and acquisition deals in
According to the
However
The Japanese
Commerce and Industry Department has recently revealed that 30 percent
Japanese businesses who are investing abroad consider
A survey by the
Japan External Trade Organization shows that 70 percent of Japanese companies
in
Meanwhile, the
In the first half
this year, the
At present, 3,300
South Korean companies are pouring their investment captial in
Before the purchase
of Metro Cash and Carry Vietnam by Berli Jucker (BJC) Group,
Workshop
highlights
Addressing the
event, Minister of Culture, Sports and Tourism Hoang Tuan Anh said
He highly valued
the efforts of
In the future, the
sector will focus on improving the quality of services and increasing its
efforts to promote
Meanwhile,
Ambassador Doan Xuan Dung pledged to do his best to facilitate the visa
application processes for Japanese nationals.
Binh Duong
targets $1.7b in FDI
The southern
Speaking at a
ceremony to mark the third phase of issue of investment certificates this
year to investors yesterday, he said that in the year-to-date the province
had attracted $1.4 billion, which is 140 per cent of the year's target and 26
per cent up year-on-year.
The investments
have been in 113 new projects worth $673 million with the remaining going
into 99 existing ones.
He told Viet Nam
News that another $200-300 million is likely in the remaining months.
The province has
attracted investors in every field including industry, services, urban
development, and housing, he said.
But in the first
nine months investment in property has not been very high.
Cung hoped this
would change later this year when the property market recovers.
Yesterday the
province issued investment certificates for 42 projects, 37 of them foreign
and 19 of them new.
One of the
companies to get the certificate was Esquel Garment Manufacturing Viet Nam
Company Ltd, which was affected by the riots in May. The company is
increasing its investment by $35 million.
A company
spokesperson hailed the support provided by Binh Duong authorities following
the riots as well as their transparency.
The province is
rezoning manufacturing areas based on its socio-economic development master
plan, manufacturing areas plan, and urban plan to gradually move companies
from urban areas and the south to the north.
Some companies have
already moved under this plan.
Quang Binh
approves 28 FDI projects
This central
province has approved the business licenses of 28 foreign direct investment
(FDI) projects with a total capital of US$39.7 million.
Le Van Phuc,
director of the provincial department of planning and investment, said that
investors were interested in developing the deep-sea Le Thuy port, apartment
and car cable system at the UNESCO-recognised Phong Nha-Ke Bang tourist site.
He said the
province granted business licences of 24 domestic projects worth VND7
trillion ($334 million) in the first eight months of this year and approved
13 non-refundable aid projects of non-government organisations with a total
capital of $1 million.
New law
defines bankruptcy proceedings
After 10 years from
the issuance of the 2004 bankruptcy law, a new Law on Bankruptcy (the
Bankruptcy Law) was passed on June 19, 2014, by the 13th National Assembly
with bankruptcy proceedings separated into the two concepts - insolvency and
bankruptcy.
In addition, the
new law clearly defines rights and obligations of involved parties in
bankruptcy proceedings; changed the composition of the team of management and
liquidation; prescribed shortened proceedings for bankruptcy, and procedures
for bankruptcy of credit institutions; provided for suspension for settling
cases related to the implementation of the financial obligations of enterprises
unable to dissolve debts and resolve legal consequences; and re-arranged the
stage of asset liquidation in bankruptcy proceedings, etc.
The new law creates
a new title of trustee with the rights and obligations similar to the team
for the management and liquidation of assets, which is responsible for
managing the operation and liquidating assets of the enterprise in bankruptcy
during the proceedings (including the management and liquidation of assets;
representing the enterprise in the absence of a legal representative;
reporting on the status of assets, financial liabilities and operations of
the enterprise; participation in making a business recovery plan; provision
of proposals for the court to implement the following works: collecting
evidence, declaring a transaction invalid and recovering asset sales or
transfers that were conducted illegally, applying interim urgent measures and
applying administrative sanctions).
Under the new
Bankruptcy Law, a minimum period in which creditors can lodge a petition for
bankruptcy proceedings against debtors is three months from the due date of
financial obligations. In addition, the law also grants to other individuals
and organisations the right to inform the entities who have the right and
obligation to file a request for bankruptcy proceedings when they discovered
the enterprise was unable to dissolve its debts.
The court with
jurisdiction to resolve bankruptcy proceedings is transferred to the people's
court of the district where the head office of the enterprise is located,
except in certain cases where the people's court of the province has
jurisdiction under the provisions of Article 9.1 of the Bankruptcy Law. A
petition for bankruptcy proceedings will not always result in initiation of
bankruptcy proceedings as a petitioner has the right to actively negotiate
the withdrawal of the petition through a separate agreement with the debtor.
With the new
regulations, information of an enterprise initiating bankruptcy proceedings
(Insolvent Debtor) can be easily accessed via notification to the petitioner,
Insolvent Debtor, creditors, the Procuracy, the authority of civil judgment
enforcement, tax agency, business registration agency where the head office
of the enterprise is located and the national business registration portal,
the portal of the court and two consecutive issues of local newspapers. This
allows other creditors, or other entities with financial issues against the
enterprise a better ability to know and take the next steps to protect their
own rights and legitimate interests.
In avoidance of
dispersing and hiding assets, some transactions, shortly before initiation of
bankruptcy proceedings can be considered to be invalid in the following
cases: (i) transactions relating to asset transfers but not at market prices;
(ii) the transfer of unsecured debt into secured debt or partially secured
debt; (iii) payment or balance to a creditor for debts not yet due or for a
larger amount than due debts; (iv) transfer of property without payment; (v)
transactions for purposes other than business activities of the enterprise;
(vi) other transactions with the purpose of dispersing the assets of the
enterprise. The court with jurisdiction will consider the transactions at the
various periods depending on the engaged entities. The time period for
entities in a relevant relationship to the Insolvent Debtor is 18 months, and
for others it's six months.
An enterprise is
declared bankrupt if (i) the enterprise is unable to pay official fees or
advance bankruptcy costs; (ii) the creditors meeting was postponed but still
unsatisfied for being reconvened; (iii) a resolution of the creditors meeting
is not passed; or (iv) a business recovery plan is not made within the
time-limit, a business recovery plan cannot be implemented, or debts cannot
be dissolved even after the performance of the business recovery plan.
This new Bankruptcy
Law enters effect on January 1, 2015.
As many as 140
local and foreign companies are taking part in VIS Expo 2014, an exhibition
on supporting industries that will last until Saturday at HCMC’s Tan Binh
Exhibition and Convention Center (TBECC).
The four-day event
is organized by the city’s Department of Industry and Trade in collaboration
with Vietnam Advertising and Exhibition Fair Joint Stock Company (C.I.S
Vietnam).
The participating
companies showcase their products and services at more than 200 booths in
sectors of apparel, footwear, power and electronics, rubber, mechanics and
automobile to other local and foreign business partners.
Exhibitors include
well-known local firms like Saigon Industry Corporation, Saigon
Transportation Mechanical Corporation, Vietnam Engine and Agricultural
Machinery Corporation and Vietnam Electric Cable Corporation, as well as famous
foreign firms like Intel, Bosch and Nidec among others.
In addition, there
are separate pavilions at the exhibition manned by the Saigon Hi-Tech Park
and a number of city’s associations in garment, textile embroidery-knitting;
rubber; footwear and mechanics sectors.
This year’s event
also features a seminar on how to speed up the development of supporting
industries in
Some policymakers
also join the exhibition to provide information on policies to facilitate sustainable
development of supporting industries.
The exhibition is
expected to help build a strong bridge between enterprises, establish a value
chain for industrial products, find outlets for supporting industries, and
increase ratios of local contents and added values for locally-made products.
Besides, it will
create opportunities for local enterprises to improve product quality, spur
exports, join the global supply chain, and reduce their reliance on accessory
and component imports.
Exhibition
on power transmission, automation opens in city
* As many as 180
enterprises from 26 countries and territories are showcasing their latest
products at Electric & Power Vietnam 2014 and Industrial Automation
Vietnam 2014, an exhibition on power transmission and automation taking place
between September 17 and 19.
Besides 42 local
businesses, the event held at the Saigon Exhibition and Convention Center
(SECC) in HCMC’s District 7 is attended by a large number of foreign firms
from many countries, including
The two-in-one exhibition
features high-tech devices as well as latest technologies in the two
industries, such as control equipment, generators, electrical engineering
technology, and transmission and distribution technology.
Electric and Power
Vietnam has been held biennially since 2006, and this year’s event is
expected to attract over 4,500 trade visitors.
More and more
electricity companies from such developed countries as
The master plan on
development of national power grid by 2020 period aims to increase the
electricity supply based on renewable energy resources from 3-5% in 2010 to
4.5%-6% in 2020-2030 period.
Gov’t
speeds up capital withdrawal in SOEs
The PM has signed a
decision on withdrawing capital, selling the State’s stakes, and conducting
initial public offerings (IPOs) for State-owned enterprises (SOEs).
The decision comes
up with some regulations on capital withdrawal in non-core businesses in the
SOEs where the State holds 100% of capital.
The process of
capital withdrawal must be conducted to preserve State capital at the highest
level.
The capital
withdrawal under face value must minimize investment losses and ensure the
State’s capital.
Under the new
decision, in the areas of insurance and banking, enterprises suggested the
State Capital Investment Corporation (SCIC) purchase stocks.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Bảy, 20 tháng 9, 2014
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